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MTNL Shares Soar 17% After ₹891 Crore Land Sale to Income Tax Department
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CNBC TV18•01-10-2026, 11:51
MTNL Shares Soar 17% After ₹891 Crore Land Sale to Income Tax Department
- •Mahanagar Telephone Nigam Ltd (MTNL) shares jumped over 17% after its board approved the sale of a property in Powai, Mumbai.
- •The land parcel was sold to the Income Tax Department for ₹891.5 crore through a government-to-government transfer.
- •The sale involved a land area of 20,895.60 square meters, with the value ascertained based on Presidential and Alternative Mechanism approvals.
- •This follows a previous transaction where MTNL leased a property in Bandra-Kurla Complex (BKC) to the National Bank for Agriculture and Rural Development for ₹350.72 crore.
- •MTNL's stock hit an intraday high of ₹26.94, trading 41.01% below its 52-week high of ₹44.67.
Key Questions Answered
Shares of Mahanagar Telephone Nigam Ltd (MTNL) surged over 17% after the company announced that its board approved the sale of a land parcel in Powai, Mumbai, to the Income Tax Department for ₹891.53 crore.
The board approved selling a 20,895.60 square metre land parcel located at Powai Plot-C, Technology Street, Mumbai, to the Income Tax Department for ₹891.53 crore through a government-to-government direct sale.
In May of this year, MTNL transferred leasehold rights for a property in the Bandra-Kurla Complex (BKC), Mumbai, to the National Bank for Agriculture and Rural Development for ₹350.72 crore.
